Wheaton Precious Metals (TSE:WPM) Reaches New 1-Year High – Here’s Why

Wheaton Precious Metals Corp. (TSE:WPM) shares reached a new 52-week high on Friday . The company traded as high as C$111.37 and last traded at C$109.87, with a volume of 358817 shares. The stock had previously closed at C$109.67.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on WPM shares. TD Securities lifted their price target on Wheaton Precious Metals from C$78.00 to C$83.00 and gave the company a “buy” rating in a report on Friday, March 14th. Stifel Canada raised shares of Wheaton Precious Metals from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 4th. CIBC increased their price target on shares of Wheaton Precious Metals from C$85.00 to C$88.00 and gave the stock an “outperform” rating in a research note on Friday, March 14th. Peel Hunt lifted their price objective on shares of Wheaton Precious Metals from C$95.00 to C$110.00 and gave the company a “buy” rating in a research note on Tuesday, March 11th. Finally, National Bankshares increased their target price on shares of Wheaton Precious Metals from C$115.00 to C$120.00 and gave the stock an “outperform” rating in a research report on Monday, March 17th. Six analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of C$98.38.

Wheaton Precious Metals Stock Performance

The company has a 50-day moving average price of C$97.61 and a 200-day moving average price of C$89.60. The firm has a market capitalization of C$34.89 billion, a P/E ratio of 57.25 and a beta of 0.70.

About Wheaton Precious Metals

Wheaton Precious Metals Corp. primarily sells precious metals in North America, Europe, and South America. It produces and sells gold, silver, palladium, and cobalt deposits. The company was formerly known as Silver Wheaton Corp. and changed its name to Wheaton Precious Metals Corp. in May 2017. Wheaton Precious Metals Corp.